{"id":38636,"date":"2018-10-03T09:49:43","date_gmt":"2018-10-03T14:49:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=38636"},"modified":"2018-10-03T09:49:43","modified_gmt":"2018-10-03T14:49:43","slug":"wti-tumbles-on-biggest-crude-build-in-19-months","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=38636","title":{"rendered":"WTI Tumbles On Biggest Crude Build In 19 Months"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-10-03\/wti-tumbles-biggest-crude-build-19-months\"><span class=\"field field--name-title field--type-string field--label-hidden\">WTI Tumbles On Biggest Crude Build In 19 Months<\/span><\/a><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1116\" data-gtm-vis-first-on-screen-2077925_22=\"1116\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>Modest overnight gains <a href=\"https:\/\/www.zerohedge.com\/news\/2018-10-02\/wti-holds-gains-after-cushing-stocks-build-most-march\">following API&#8217;s data<\/a> have been erased as DOE reports a <strong>massive surprise (biggest since March 2017) crude build&#8230;<\/strong><\/p>\n<p><strong><em>\u201cWe\u2019re right in the middle of refinery maintenance season and you\u2019ll probably see a lot of demand coming offline,\u201d<\/em><\/strong> says\u00a0Michael Loewen, a commodities strategist at Scotiabank. \u201cIt might take a few market participants by surprise to see a larger build than what we are used to in crude oil inventories\u201d<\/p>\n<p><u><strong>API<\/strong><\/u><\/p>\n<ul>\n<li>Crude +907k (+1.5mm exp)<\/li>\n<li><strong>Cushing +2.018mm (+800k exp) [Genscape +600k]<\/strong><\/li>\n<li>Gasoline -1.703mm<\/li>\n<li>Distillates -1.197mm<\/li>\n<\/ul>\n<p><u><strong>DOE<\/strong><\/u><\/p>\n<ul>\n<li><strong>Crude +7.975mm (+1.5mm exp) &#8211; highest since Mar 2017<\/strong><\/li>\n<li><strong>Cushing +1.699mm (+800k exp) [Genscape +600k] &#8211; highest since March 2018<\/strong><\/li>\n<li>Gasoline -459k (+1.25mm exp)<\/li>\n<li>Distillates -1.75mm<\/li>\n<\/ul>\n<p>Massive crude build shocks the market&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-10-03_7-33-45.jpg?itok=Ulja9csm\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/2018-10-03_7-33-45.jpg?itok=Ulja9csm\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-10-03_7-33-45.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/2018-10-03_7-33-45.jpg?itok=Ulja9csm 1x\" alt=\"\" width=\"500\" height=\"261\" data-entity-type=\"file\" data-entity-uuid=\"52b2b54d-deba-434b-b84f-b78ea95c787f\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>Bloomberg notes that you can&#8217;t really pin this week&#8217;s huge crude build on refiners. Gross inputs were little changed and are the highest ever historically for this week.<\/p>\n<p>US Crude production held at record highs&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-10-03_7-35-02.jpg?itok=EOAeLZ3d\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/2018-10-03_7-35-02.jpg?itok=EOAeLZ3d\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-10-03_7-35-02.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/2018-10-03_7-35-02.jpg?itok=EOAeLZ3d 1x\" alt=\"\" width=\"500\" height=\"253\" data-entity-type=\"file\" data-entity-uuid=\"ef4d3122-e2d8-4f53-b4fe-9980d4df7ded\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>WTI hovered risght around $74 ahead of the DOE data, then dumped&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-10-03_7-32-38.jpg?itok=FUXSxgSz\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/2018-10-03_7-32-38.jpg?itok=FUXSxgSz\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-10-03_7-32-38.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/2018-10-03_7-32-38.jpg?itok=FUXSxgSz 1x\" alt=\"\" width=\"500\" height=\"251\" data-entity-type=\"file\" data-entity-uuid=\"4e6c5e79-f1b1-4626-bdf5-e1932182939e\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>Bloomberg Intelligence Senior Energy Analyst Vince Piazza warns that<strong> with WTI approaching $80 a barrel, we believe oil has moved too far, too fast,<\/strong> notwithstanding reduced Iran exports because of sanctions and declining production from Venezuela. <strong>Demand destruction remains a concern<\/strong> due to elevated prices and geopolitics. We also expect heightened hedging by U.S. E&amp;Ps at current prices, while trade tensions, robust production and seasonal refinery maintenance in the U.S. add to the negative price outlook.<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>WTI Tumbles On Biggest Crude Build In 19 Months Modest overnight gains following API&#8217;s data have been erased as DOE reports a massive surprise (biggest since March 2017) crude build&#8230; \u201cWe\u2019re right in the middle of refinery maintenance season and you\u2019ll probably see a lot of demand coming offline,\u201d says\u00a0Michael Loewen, a commodities strategist at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[3106,3105,12307,4275,1451,895,4318],"class_list":["post-38636","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-american-petroleum-institute","tag-api","tag-oil-inventory","tag-us-department-of-energy","tag-west-texas-intermediate","tag-wti","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38636"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38636\/revisions"}],"predecessor-version":[{"id":38637,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38636\/revisions\/38637"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}